typically some loans can be preclosed after 1 year. In my case i could pre-close upto 25%of the amount (outstanding or in some cases the original amount).
In your case, the loan is anyway going to close in Jay 08 and i presume you must have got a good deal on the interest rates (3-4 years ago) compared to the current ones. I am assuming it is not a 1 year loan and most of your interest has already been paid off.
If you plan to stay with your current car till Jan 08 and possibly later, i would reccomend you park you money elsewhere and close your loan in Jan without any penalties.
-Neel |